The ringgit fell after a report showed Singapore exports slump continued, raising concern Asia’s trade-dependent economies will take longer to recover.The currency reached its weakest level in almost a month against the dollar after a report today showed exports from Singapore, Malaysia’s biggest trading partner, dropped for a 13th month in May amid waning demand for electronics goods.
“The market appears to be less optimistic on the recovery outlook,” said Tan Voon Ching, a currency trader at OSK Investment Bank Bhd in Kuala Lumpur. “There’s been some risk aversion that affected the ringgit in the past few days.”The ringgit slid 0.2 per cent to 3.5310 per dollar as of 4:50pm in Kuala Lumpur, according to data compiled by Bloomberg. It earlier reached 3.5425, matching the weakest level since May 20.
Singapore’s non-oil domestic exports fell 12.1 per cent from a year earlier in May, the trade promotion agency said today, dragged by a 21.8 per cent slump in electronics shipments. The city-state’s longest slump in overseas sales since 2002 suggests Malaysia’s economy will take time to recover, Tan said. -- Bloomberg
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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